Following Express’s Bankruptcy Filing, More Than 100 Stores Will Be Closed

(CTN News) – U.S. fashion retailer Express has filed for bankruptcy and plans to close more than 100 stores as it seeks a new merchandising strategy, the company announced on Monday.

Among the retailer’s many brands are Express, Bonobos, and UpWest, which have liabilities between $1 billion and $10 billion, according to an application filed with the U.S. Court of Bankruptcy for the District of Delaware.

It is still subject to court approval, which is headquartered in Ohio, has received a commitment for $35 million in new financing from some existing lenders.

Express said it plans to use the bankruptcy process to facilitate the sale of most of its locations and operations. Brand manager WHP Global and mall landlords Simon Property Group and Brookfield Properties signed a non-binding letter of intent prior to discussing the deal.

Stewart Glendinning, CEO, said the proposed transaction with WHP Global will provide the retailer with additional financial resources, which will enable it to “better position itself for profitable growth.”

Approximately 95 retail stores and all 12 UpWest stores will be closed starting on Tuesday, April 23.

Despite operating 530 Retail and Factory Outlet stores in the United States and Puerto Rico,

Express did not specify which stores would be closed in its statement.

According to Express, it expects to continue doing business “as normal” and “without interruption,” adding that all off-brand stores “are open as usual.”

The news of the bankruptcy is not surprising given that the 40-year-old retailer has had difficulty reaching consumers in the last few years. According to reports published in early April, Express was considering bankruptcy protection. New York Stock Exchange de-listed the company at the beginning of March.

Additionally, Express has appointed Mark Still as its chief financial officer, effective immediately, the company announced in a statement. Since November 2023, he has served as the interim chief financial officer.

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